Waters, Walz, and Heck Introduce Bill to Protect Servicemembers from Predatory Financial Practices
Today, House Democrats, led by Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, alongside Congressman Tim Walz (D-MN), Ranking Member of the Committee on Veterans' Affairs, and Congressman Denny Heck (D-WA), Financial Services Committee Member, introduced legislation that would protect the financial wellbeing of servicemembers and their families by strengthening enforcement of the Servicemembers Civil Relief Act (SCRA). The bill, H.R. 3357, the Military Consumer Protection Act, directs the Consumer Financial Protection Bureau (Consumer Bureau) to oversee and enforce compliance with certain existing provisions of the SCRA, which was found by Government Accountability Office to be weakly enforced by prudential regulators. The introduction of H.R. 3357 follows the release of a Financial Services Committee Democratic Staff Report, which highlights the numerous successes of Consumer Bureau and discusses the importance of its rule banning forced arbitration.
“We could never adequately pay back the men and women who have committed their lives to protecting our rights and our freedoms, but the Military Consumer Protection Act will make sure they’re protected from predatory financial institutions,” said Ranking Member Waters. “The Consumer Financial Protection Bureau has proven to be a tough and independent watchdog that all consumers, including servicemembers, can count on. We must ensure that they are fully equipped to continue fighting for hardworking American servicemembers.”
Original cosponsors of the Military Consumer Protection Act include Representatives Nydia Velázquez (D-NY), Brad Sherman (D-CA), Gregory Meeks (D-NY), Stephen Lynch (D-MA), Al Green (D-TX), Dan Kildee (D-MI), Joyce Beatty (D-OH), and Vicente Gonzalez (D-TX). Senators Jack Reed (D-RI), Ranking Member of the Senate Committee on Armed Services, and Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, introduced companion legislation in the Senate.